I. Table of Contents - ISS

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tatiana\Bank Book\Public Bank Book\FINAL ISS PUBLIC Bank IM - Press Release to EMTN_1.doc 9 Nov 2005 10:32 22/91 F. Financials 22 Executive Summary See below for Historical financials. This is discussed in more detail in the sections entitled “Historical Financials”. Table 7: Historical Financial Data Danish GAAP IFRS DKK million 2000 2001 2002 2003 2004 9M-2004 9M-2005 EBITA (1) 1,454 1,633 2,010 2,032 2,279 1,664 1,944 Depreciation and Amortisation (2) 468 551 603 587 617 444 482 EBITDA 1,922 2,184 2,613 2,619 2,896 2,108 2,426 Share-based Payment - - - - - 6 3 Changes in Working Capital (125) 52 412 319 186 (618) (1,097) Changes in Provisions (10) 4 (98) (36) (91) (19) (49) Other inc. and Exp. Net Payment (3) (25) (67) (19) (76) (43) (162) Payments Related to Integration Cost - - - - - (15) (77) Operating Cash Flow before Interest and Tax 1,784 2,215 2,860 2,883 2,915 1,419 1,044 Net Interest Paid (225) (328) (333) (215) (334) (255) 261 Corporate Tax Paid (294) (377) (263) (323) (602) (355) (497) Operating Cash Flow 1,265 1,510 2,264 2,345 1,979 809 808 Capex Net (391) (452) (525) (403) (583) (417) (398) Free Operating Cash Flow 874 1,058 1,739 1,942 1,396 392 410 Acquisitions of Businesses (3,003) (3,098) (1,898) (1,065) (3,886) (3,524) (1,937) Divestment of Businesses (1) 13 16 20 36 33 828 Investments in Financial Assets, Net (21) (180) 269 29 (53) (888) 365 Cash flow After Investments (2,151) (2,207) 126 926 (2,507) (3,987) (334) Financial payments, net 916 2,131 (782) 556 3,358 3,277 4,270 Proceeds – issuance of share capital 1,042 789 569 25 793 - - Purchase/disposal of own shares 12 - (5) - (30) (30) - Dividend Paid to Shareholders - - - (88) (177) (177) (5,830) Options and Warrants Settled - - - - - - (163) Minority Interests (16) (15) (5) (8) (6) (4) (10) Cash flow from Financing Activities 1,954 2,905 (223) 485 3,938 3,066 (1,733) Net Change in Cash (197) 698 (97) 1,411 1,431 (921) (2,067) Cash conversion % (3) 105% 118% 167% 150% 107% Note: (1) EBITA represents Earnings before Interest, Taxes, Amortization, Other Income and Expenses, and Income from Associates. Amortization represents only the amortization of intangible assets and software. Further amortization, which is not included herein, is amortization of goodwill under Danish GAAP or amortization of customer contracts under IFRS. (2) Amortization represents only the amortization for intangible assets and software. Further amortization, which is not included herein, is amortization of goodwill under Danish GAAP or amortization of customer contracts under IFRS. (3) In 2002, the cash conversion ratio was adjusted to remove the effect of a one-time gain of DKK 74 million (EUR 10 million) related to the sale of a minority interest in another entity. In 2003, the cash conversion ratio was adjusted to remove the effect of a tax repayment of DKK 168 million (EUR 23 million) related to the issuance of shares to employees. Source: ISS Set forth below is a reconciliation of EBITDA to Adjusted pro forma EBITDA to give effect to acquisitions and divestments during the twelve months ended September 30, 2005; � Pro Forma Effect of Acquisitions. The incremental EBITDA of entities acquired during the 12 month period to September 30, 2005, for the period in which such entities were not part of the Group. The amount of incremental EBITDA is based on ISS’s estimate, at the time of acquisition, as to the EBITDA to be generated by such acquired entities prior to the acquisition by ISS. � Pro Forma Effect of Health Care Operations Business. Reported EBITDA of entities divested during the 12 month period to September 30, 2005. The disposal of the Health Care operations business and ISS’s interest in CarePartner represented DKK 76 million (EUR 10 million) of EBITDA for the 12 month period. The remainder represents other minor divestments.
tatiana\Bank Book\Public Bank Book\FINAL ISS PUBLIC Bank IM - Press Release to EMTN_1.doc 9 Nov 2005 10:32 23/91 Table 8: Pro Forma EBITDA, Twelve Months Ended September 30, 2005 DKK million LTM September 2005 Acq during LTM (pro forma) 23 Divestments during LTM (pro forma) Executive Summary Adj. Health Care operations Pro forma September FY05 Revenues 45,114 1,973 (250) (487) 46,350 Operating Expense (41,918) (1,791) 233 411 (43,065) EBITDA 3,196 182 (17) (76) 3,285 EBITDA % 7.1% 9.2% 6.8% 15.6% 7.1% Depreciation and Amortisation (1) (655) (43) 4 14 (680) EBITA (2) 2,541 139 (13) (62) 2,605 EBITA % 5.6% 7.0% 5.2% 12.7% 5.6% Note: (1) Amortization represents only the amortization for intangible assets and software. Further amortization, which is not included herein, is amortization of goodwill under Danish GAAP or amortization of customer contracts under IFRS. (2) EBITA represents Earnings before Interest, Taxes, Amortization, Other Income and Expenses, and Income from Associates. Amortization represents only the amortization of intangible assets and software. Further amortization, which is not included herein, is amortization of goodwill under Danish GAAP or amortization of customer contracts under IFRS. Source: ISS
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I. Table of Contents - ISS

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